Shares of 89Bio, Inc. (ETNB) surged 5.32% on Thursday, November 8th, despite the biopharmaceutical company reporting mixed results for the third quarter of 2024. The stock's rally came as investors appeared to look past the company's larger-than-expected loss and focused on potential positive signs for the future.

According to the earnings report, 89Bio posted an adjusted loss of $1.39 per share for the quarter ended September 30, wider than analysts' consensus estimate of a loss of $0.64 per share. However, the company had beaten expectations in the previous quarter, suggesting it may be making progress on its drug development efforts.

While the financial results were disappointing, analysts maintained a generally positive outlook on the stock, with seven out of nine recommending a "buy" or "strong buy" rating. The average price target of $29.50 implies significant upside potential from the current levels, indicating analysts' confidence in the company's long-term prospects.